International management means the management of business operations for an organization that conducts business in more than one country. International management require knowledge and skills beyond normal business expertise such as understanding of local customs and laws, familiarity of business relations of nations in which organization operates, the capability to conduct transactions involving multiple currencies.
When it comes to international management it relates to a company having fifty percent or more of its business as international. organizations at such huge levels of operations have different dimensional aspects to consider like thousands of employees at different parts of the world to manage, control, coordinate and motivate to achieve the organizational objectives. The management would consider as a part of their practice that whether it is soliciting or valuing their input, asking them what they think, is it really looking for global best practice and more. this is what international management is all about that how it concludes everybody and how that conclusion really works.
Among the plans and the strategies they focus on the most important are that to decide about the production technology, labor availability, raw material, sales and distribution, inventions and innovations, teams and group formations, their management, control, objectivity and more.
The managers need to assess feasibility as to what part of the world would be most appropriate and cost effective for the production. The availability of factors of production is the core of the decision for example an international management might decide to set up its manufacturing concern in China where the labor as a factor of production is in abundance and available at very low cost.
The most important aspect of management international is to have an effective communication system which forms the backbone of the structure of management hierarchy. The management must plan to have a system which would be most appropriate for the communication of management within the organization among the management personnel, management and the employees and more. or for the communication with the outside world like that with the suppliers, customers, intended customers, legal bodies of the countries in which the management operates its business.
Tips and comments
The managers need to know the forces that are shaping the new world of work specially the forces influencing and shaping the people in the new world of today. For international managers the coming decade is expected to be a difficult one filled with challenges related to the changes that the people of the world are going through. From a demographic perspective we have aging population with planting fertility and that's happening all around the world even in developing economies.
There is an ever growing and rising number of consumers approximately 800 million new consumers are expected to hit the worlds markets over the next decade. That means that the managers would require adjusting their strategies to engage that new set of consumers in a new set of circumstances and for that they need to open their multinational teams to a greater extent of diversity then they have had before.